HomeMy WebLinkAboutORD 3840 REVOKED BY
C) Rp # 3845
CITY OF RENTON, WASHINGTON
ORDINANCE N0: 3840
AN ORDINANCE of the City of Renton , Washington,
relating to City park and recreational facilities ;
providing for acquiring, reconditioning and improving
Maplewood Golf Course , and preservation of the City's
water supply; declaring the estimated cost thereof
as nearly as may be ; providing for the borrowing
of a total of4 200 000 and
$ g negotiable
sellin g
general obligation bonds to pay the cost thereof,
such bonds to be payable by annual property tax '
levies to be made in excess of regular property
tax levies ; and providing for the submission of the
proposition of incurring such indebtedness and
issuing such bonds and levying such excess taxes to
the qualified voters of the City at a special
election to held therein on November 6 , 1984, in
conjunction with the State general election to
be held on the same date.
WHEREAS , the City of Renton, Washington (the "City") , is
in urgent need of acquiring, reconditioning and improving
Maplewood Golf Course, and preservation of the City' s water supply',
and the City does not have available sufficient funds to meet
the estimated cost of such Maplewood Golf Course and preservation
of the, City' s water supply, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES
ORDAIN as follows :
Section 1. Subject to the provisions of this ordinance ,
the City shall acquire, recondition and improve Maplewood Golf
Course and preservation of the City' s water supply, the estimated
cost of which is declared to be as nearly as may be $4,200,000.
Section 2. The City shall borrow $4,200 ,000 on the credit
of the City and issue and sell its general obligation bonds
therefor for strictly municipal capital purposes other than the
-1-
r V
replacement of equipment, for the purpose of providing the funds
in the amount and for the purpose specified in Section 1 of this
ordinance.
Section 3. The general obligation bonds authorized by
this ordinance shall bear interest, shall mature within twenty
years from date of issue, but may mature within a lesser time
(the life of the improvements to be acquired by the issuance of
bonds is found to be at least twenty years) in such amounts , and
shall be sold in such manner as the City Council of the City
shall determine. The bonds shall be paid by annual property tax
levies made in excess of regular property tax levies without
limitation as to rate or amount sufficient in amount to pay the
principal of and interest on the bonds when due, and the bonds
shall so provide. The date, interest rate or rates , maturities ,
option of prior redemption, form and covenants of the bonds
shall be fixed hereafter by ordinance of the City Council. The
bonds shall be issued and sold when required in one or more
series and may be combined with any other issue or series of
authorized general obligation bonds . Pending the issuance of
the bonds and receipt of proceeds thereof, the City Council may
authorize interim interest-bearing warrants or other short-term
obligations to pay for carrying out the purpose of the bonds ,
and the costs' of such warrants or short-term obligations shall ,
be included in the cost of that purpose.
Section 4. The City Council finds that an emergency exists
requiring the carrying out of the project described in this
-2-
ordinance , and the Director of Records and Elections of King
County, Washington, is requested to concur in the finding of
the existence of an emergency and to call and conduct a special
election to be held in the City on November 6 , 1984, in con-
junction with the State general election to be held on the same
date, for the purpose of submitting to the qualified electors of
the City for their approval the question of whether the City
shall borrow $4, 200,000 , issue its general obligations bonds
therefor for capital purposes only, other than replacement of
r
equipment, and levy excess taxes necessary to redeem the bonds
as herein set forth.
Section 5 . The City Clerk is directed to certify to
the Director of Records and Elections of King County, Washington,
at least 45 days prior to the November 6 , 1984 special election
date, a copy of this ordinance and the proposition to be sub-
mitted at that special election in the .form of a ballot title
as follows :
PROPOSITION
GOLF COURSE BONDS - $4, 200 ,000
Shall the City be authorized to borrow
$4, 200, 000 for the purpose of paying the cost of
acquiring, reconditioning and improving Maplewood
Golf Course and preservation of the City' s water
supply by issuing and selling general obligation
bonds therefor maturing within twenty years , but
may be a lesser time , from date of issue and payable
from annual property tax levies to be made in excess
of regular property tax levies , and levy excess
taxes necessary to redeem the bonds , as provided
in Ordinance No. ?
BONDS . . . . YES
BONDS . . . . NO
-3-
I
Section 5 . This ordinance shall be effective upon
its passage , approval and five days after publication.
PASSED BY THE CITY COUNCIL this 21stday of Sept. 1984.
Maxine E. Motor, City Clerk
(SEAL)
APPROVED BY THE MAYOR this 21st day of Sept 1984.
�c wtr' 5 bK'rt POCAt,
Barbara Y. Shinpoch, Mayor
Approved as to form:
WC
City At rney
Date of Publication: 9/26/84
-4-